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The LME tin hit a 20-month highs on Wednesday, due to the decline in inventory

by:Deyuan      2020-12-23
The LME tin hit a 20-month highs on Wednesday, due to the decline in inventory, supply concerns. Nickel is harder to extended gains, as investors digested the news from the Philippines will shut down more mine. The Philippines is the world's largest exporters of nickel ore.

the LME, according to the LME tin registered warehouse inventory fell to 1625 tons, to the lowest level since at least 1999 years.

. (1053 GMT), the LME three-month tin rose 0. 68% to $19885 per ton, after touching $19950 since January 2015, the highest level.

period of tin is the second-best performing metal in LME market this year, up 37%. Performance is the best metal zinc.

but one analyst said, if the exchange warehouse inventory than those appeared on the market, prices may be constrained.

0 three-month nickel increases. 33%, to $10665 per ton, high hit seven weeks on Tuesday.

the Philippines for the past two months has called for a 10 mines during the review, the review aims to punish irresponsible mining companies, the government has vowed to implement stricter than countries such as Canada and Australia.

20 mines shut down again, after the country's only 11 in operation, the nickel mines account for a quarter of the world's supply, most of them have been to China.

the anz senior commodity strategist DanielHynes said: & other; All 20 mines shut down time is likely to be longer than expected, the risk is very big. ”

he believes prices will be $11500 per tonne by the end of the year.

Hynes said that nickel prices failed to extended gains, indicates that & other; Market in the Philippines may shut down the impact of these mines still have some doubts. ”

he said that the impact of global nickel supply also is likely to be limited, due to the current in the monsoon season, it will affect the operation of the mining and shipping.

the three-month copper edged up 0. 69% to $4820 per ton.

the three-month aluminum rose 0. 48% to $1659 per ton.
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